DENVER (KDVR) -- The Colorado Avalanche and the Denver Nuggets may not have reigned as champions this year like they have in the past, but the teams remain part of the most valuable sports empire in the world, according to CNBC sports valuations.

CNBC released its 2025 rankings of the 20 most valuable sports empires in the world on Tuesday, and Kroenke Sports and Entertainment topped the list with a value of $21.17 billion.

The list rankings include persons or entities that are the majority owners of at least one sports team valued at $1 billion or more, and also hold other sports-related investments worth at least $500 million. CNBC said its valuations include only sports-related assets, so things like music venues and hotels did not contribute to the valuations.

The top 20 empires make a combined value of $225 billion.

Kroenke Sports and Entertainment is based in Denver and owns the NFL's Los Angeles Rams, the Denver Nuggets, the Colorado Avalanche and the Premier League's Arsenal Football Club. It was the only empire with a value of over $20 billion.

CNBC noted that KSE, owned by Stanley Kroenke, is diverse in geography and types of sports. The group also owns Ball Arena, Paramount Theatre and Dicks Sporting Goods Park. KSE also recently purchased property along the River Mile development project, including Meow Wolf and Elitch Gardens.

Ranked second is The Jones Family, which owns the NFL’s Dallas Cowboys, entertainment company Legends, and the Cowboys' headquarters The Star in Frisco, valued at $15.53 billion.

The ownerships for the Denver Broncos and the Colorado Rockies did not rank among the top 20.